A Board Resolution For Credit Facility is a crucial corporate document required when companies in Singapore seek to obtain financing from banks or financial institutions. It demonstrates proper corporate governance and compliance with Singapore's Companies Act and banking regulations. The resolution typically includes details of the credit facility, authorized persons, security arrangements, and specific powers granted for execution of facility documents. This document is essential for establishing the company's authority to enter into credit arrangements and provides the necessary comfort to lending institutions regarding proper corporate authorization.
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1. Title and Date: Formal title of resolution and date of board meeting
2. Attendance Details: List of directors present and confirmation of quorum
3. Chairperson: Identification of meeting chairperson
4. Purpose: Statement of purpose for obtaining credit facility
5. Resolution Details: Specific terms of the credit facility and board's approval
6. Authorization: Named authorized signatories and their powers
7. Certification: Company secretary's certification of resolution
1. Declaration of Interests: Required when directors have direct or indirect interests in the credit facility
2. Security Arrangements: Details of any securities or charges, required when credit facility requires specific security arrangements
1. Facility Terms: Detailed terms of the credit facility being approved
2. Security Documents: List of security documents to be executed
3. Authorized Signatories: Specimen signatures of authorized signatories
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